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Mortage BEFORE we arrive in Oz

Mortage BEFORE we arrive in Oz

Old Jan 25th 2005, 9:14 am
  #1  
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Default Mortage BEFORE we arrive in Oz

Hi all

We are planning to move to Brisbane in April. My husband has a job offer.

Does anyone know whether we can apply for a mortgage at this stage based on our income in the UK currently? We have a 60% deposit.

It will make it easier for us as husbands job offer may be based on a probationary period and his earnings will be less than our earnings in the UK. We could also put down a smaller deposit and keep more aside in "contingency fund" in case I don't get a job straight away.

Thanks

Carole
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Old Jan 25th 2005, 9:25 am
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Default Re: Mortage BEFORE we arrive in Oz

Originally Posted by cagandchris
Hi all

We are planning to move to Brisbane in April. My husband has a job offer.

Does anyone know whether we can apply for a mortgage at this stage based on our income in the UK currently? We have a 60% deposit.

It will make it easier for us as husbands job offer may be based on a probationary period and his earnings will be less than our earnings in the UK. We could also put down a smaller deposit and keep more aside in "contingency fund" in case I don't get a job straight away.

Thanks

Carole
Hi there

You might want to have a look at this FIRB Also, various people on here seem to be good on this topic, the person who springs to mind first would be ProofReader, so maybe send her a PM, or she might even see this post
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Old Jan 25th 2005, 5:16 pm
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Default Re: Mortage BEFORE we arrive in Oz

Thanks for this - I'll check out the website!
Has anyone applied for a Aussie mortage from the UK?
Thanks
Carole


Originally Posted by mlbonner
Hi there

You might want to have a look at this FIRB Also, various people on here seem to be good on this topic, the person who springs to mind first would be ProofReader, so maybe send her a PM, or she might even see this post
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Old Jan 25th 2005, 10:58 pm
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Default Re: Mortage BEFORE we arrive in Oz

It only takes a few days here to organise a mortgage...and with a 60% deposit u will have no probs what so ever. When you buy a house over here and sign the contract you put a 14 day(or can be more if the sellers agree) subject to finance agreement on it.....then that gives u plenty time to get things up and running .....Good Luck
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Old Jan 26th 2005, 11:49 am
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Default Re: Mortage BEFORE we arrive in Oz

Originally Posted by cagandchris
Hi all

We are planning to move to Brisbane in April. My husband has a job offer.

Does anyone know whether we can apply for a mortgage at this stage based on our income in the UK currently? We have a 60% deposit.
I would have thought a bank would expect to see a property over which it could secure a loan before advancing any funds.

With a 60% deposit you ought not to be too much of a credit risk once you arrive in Australia and have a job, and in any case it may be over-hasty to buy immediately. Why not rent until you're settled?

Jeremy
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Old Jan 26th 2005, 11:55 am
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Default Re: Mortage BEFORE we arrive in Oz

Thanks

I meant for us to get a mortgage with an Australian bank so they would be able to see the house. Can we get a Australian mortgage based on our English jobs/income?

Carole


Originally Posted by JAJ
I would have thought a bank would expect to see a property over which it could secure a loan before advancing any funds.

With a 60% deposit you ought not to be too much of a credit risk once you arrive in Australia and have a job, and in any case it may be over-hasty to buy immediately. Why not rent until you're settled?

Jeremy
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Old Jan 26th 2005, 12:10 pm
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Default Re: Mortage BEFORE we arrive in Oz

Hi,

I'm happy to be corrected if I'm wrong, but I think if you want to buy a house before you become a resident in Aus you have to have approval from the FIRB as an overseas investor, and may be limited on the type of property you can buy.

If you become resident (ie arrive in Aus) and are still getting paid by your UK employers you can get a mortgage based on those earnings, probably an investment mortgage (different terms to the usual mortgage but you can always remortgage later if you want - not sure about the cost of doing this though).

It's a big step to buy a house and particularly risky to buy from overseas; if you don't know the area you're moving to very well how do you know you will be happy there?

Apologies if you're more informed than I'm assuming!

Elaine M
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Old Jan 26th 2005, 12:37 pm
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Default Re: Mortage BEFORE we arrive in Oz

Thanks for your advice!

I have been told that as long as I have been granted my PR then we can buy without approval from FIRB (don't know if this is right or wrong?! ) We were just going to validate the visas once we moved over in April. We have looked around the house we are buying last November and decided then we would buy it if it was still available (its brand new) when we were ready to move. It is in the area we want to be in, at least to start with, and walking distance from the company who have offered chris a job. We want to buy it now so we can move straight in when we get to Australia. We realise it will take months (years?) before we know if we have settled in the right area but would rather be investing in a mortgage while we work that one out than throwing money away renting. We are not adverse to selling and buying houses we've done it once every 4 times in the last 5 years!!

We just need to know if we can agree a mortgage with an Australian lender now - based on our income in the UK. This would mean a smaller mortgage (say 55% instead of 60%) and thus a bigger "contingency fund" in case I don't get a job straight away.

:scared:


Originally Posted by Elaine M
Hi,

I'm happy to be corrected if I'm wrong, but I think if you want to buy a house before you become a resident in Aus you have to have approval from the FIRB as an overseas investor, and may be limited on the type of property you can buy.

If you become resident (ie arrive in Aus) and are still getting paid by your UK employers you can get a mortgage based on those earnings, probably an investment mortgage (different terms to the usual mortgage but you can always remortgage later if you want - not sure about the cost of doing this though).

It's a big step to buy a house and particularly risky to buy from overseas; if you don't know the area you're moving to very well how do you know you will be happy there?

Apologies if you're more informed than I'm assuming!

Elaine M
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Old Jan 26th 2005, 12:52 pm
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Default Re: Mortage BEFORE we arrive in Oz

Hello Carole

Yes you can get an autralian mortgage while you are in the UK. Unfortunately we only learnt this after we had landed in Australia. Lucky for us I landed a job within 4 weeks of getting here so with our 50% deposit had no problem getting a mortgage with HSBC.

I know that there are restrictions for non residents who have to get FRIB approval but that shouldn't stop you getting a mortgage approved, you will have had your visa validated by the time you buy a property.

We used Austasia to help us with all our financial needs when we arrived in Perth but I am sure if you contact someone over in Brisbane thet will be able to advise you and sort things out.

If I has known about it I would have got a mortgage approved before leaving the UK.

Sharon
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Old Jan 26th 2005, 12:57 pm
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Default Re: Mortage BEFORE we arrive in Oz

Originally Posted by cagandchris
Thanks for your advice!

I have been told that as long as I have been granted my PR then we can buy without approval from FIRB (don't know if this is right or wrong?! ) We were just going to validate the visas once we moved over in April. We have looked around the house we are buying last November and decided then we would buy it if it was still available (its brand new) when we were ready to move. It is in the area we want to be in, at least to start with, and walking distance from the company who have offered chris a job. We want to buy it now so we can move straight in when we get to Australia. We realise it will take months (years?) before we know if we have settled in the right area but would rather be investing in a mortgage while we work that one out than throwing money away renting. We are not adverse to selling and buying houses we've done it once every 4 times in the last 5 years!!

We just need to know if we can agree a mortgage with an Australian lender now - based on our income in the UK. This would mean a smaller mortgage (say 55% instead of 60%) and thus a bigger "contingency fund" in case I don't get a job straight away.

:scared:
Hi,

I'm not sure about the FIRB issue so I guess you'd need to confirm that what you've been told is correct.

Do bear in mind that although house buying and selling is in some ways more straightforward in Aus than in the UK, it's also more expensive, at least if you have to pay stamp duty (varies from state to state).

You'd need to prove you have sufficient funds and are not overcommitted against your current salaries (eg current mortgage, rent, other outgoings etc) to show you can afford the repayments. Also your credit card limits will reduce the amount you can borrow, even if you have nil balances. It might be worthwhile contacting a broker in Aus to explain your situation and see what they can do for you.

I went through a broker, okay'd a mortgage offer in principle before I left the UK, then found my house and got my mortgage shortly after arrival, as I was still getting paid from my UK employer (not any more though ). I don't know if it would have been a problem if I'd still been in the UK when I bought the house.

PM me if you want any more info.

Elaine M
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Old Mar 30th 2005, 3:43 pm
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Default Re: Mortage BEFORE we arrive in Oz

[QUOTE=Elaine M]Hi,

I'm not sure about the FIRB issue so I guess you'd need to confirm that what you've been told is correct.

Do bear in mind that although house buying and selling is in some ways more straightforward in Aus than in the UK, it's also more expensive, at least if you have to pay stamp duty (varies from state to state).

You'd need to prove you have sufficient funds and are not overcommitted against your current salaries (eg current mortgage, rent, other outgoings etc) to show you can afford the repayments. Also your credit card limits will reduce the amount you can borrow, even if you have nil balances. It might be worthwhile contacting a broker in Aus to explain your situation and see what they can do for you.




hi i know this is an old thread but anyone of you all on this thread or anyone who has done an investment mortgage, can you tell me if you did get your $7000 1st time homebuyers grant .I been told as some of you have that as long as you move in within 12 mouths we would get the $7000 .Also been told we could claim the stamp duty back ,which is a lot more because on a invesment mortgage as soon as we change the mortgage over to repayment one.Any help would be great.I know people are saying you can get $7000 1st time homebuyers grant maybe a bit later than normal and stamp refunded,im just after someone who has done this way and it all worked out .
Thanks
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Old Mar 30th 2005, 3:47 pm
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Default Re: Mortage BEFORE we arrive in Oz

Originally Posted by Elaine M
Hi,

I'm not sure about the FIRB issue so I guess you'd need to confirm that what you've been told is correct.

Do bear in mind that although house buying and selling is in some ways more straightforward in Aus than in the UK, it's also more expensive, at least if you have to pay stamp duty (varies from state to state).

You'd need to prove you have sufficient funds and are not overcommitted against your current salaries (eg current mortgage, rent, other outgoings etc) to show you can afford the repayments. Also your credit card limits will reduce the amount you can borrow, even if you have nil balances. It might be worthwhile contacting a broker in Aus to explain your situation and see what they can do for you.

I went through a broker, okay'd a mortgage offer in principle before I left the UK, then found my house and got my mortgage shortly after arrival, as I was still getting paid from my UK employer (not any more though ). I don't know if it would have been a problem if I'd still been in the UK when I bought the house.

PM me if you want any more info.

Elaine M






hi i know this is an old thread but anyone of you all on this thread or anyone who has done an investment mortgage, can you tell me if you did get your $7000 1st time homebuyers grant .I been told as some of you have that as long as you move in within 12 mouths we would get the $7000 .Also been told we could claim the stamp duty back ,which is a lot more because on a invesment mortgage as soon as we change the mortgage over to repayment one.Any help would be great.ANYONE DONE THE INVESTMENT MORTGAGE AND GOT $7000 1ST TIME HOMEBUYERS GRANT AND STAMP REFUNDED.
Thanks
bubby
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Old Apr 28th 2005, 3:19 pm
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Default Re: Mortage BEFORE we arrive in Oz

hi did you get your mortgage done while in the uk im looking into this also and hopefully still get $7000 even though its a investment mortgage.
thanks bubby

I have been told that as long as I have been granted my PR then we can buy without approval from FIRB (don't know if this is right or wrong?! ) We were just going to validate the visas once we moved over in April. We have looked around the house we are buying last November and decided then we would buy it if it was still available (its brand new) when we were ready to move. It is in the area we want to be in, at least to start with, and walking distance from the company who have offered chris a job. We want to buy it now so we can move straight in when we get to Australia. We realise it will take months (years?) before we know if we have settled in the right area but would rather be investing in a mortgage while we work that one out than throwing money away renting. We are not adverse to selling and buying houses we've done it once every 4 times in the last 5 years!!

We just need to know if we can agree a mortgage with an Australian lender now - based on our income in the UK. This would mean a smaller mortgage (say 55% instead of 60%) and thus a bigger "contingency fund" in case I don't get a job straight away.

:scared: [/QUOTE]
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Old Apr 28th 2005, 4:24 pm
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Default Re: Mortage BEFORE we arrive in Oz

Originally Posted by bubby
hi did you get your mortgage done while in the uk im looking into this also and hopefully still get $7000 even though its a investment mortgage.
thanks bubby

I have been told that as long as I have been granted my PR then we can buy without approval from FIRB (don't know if this is right or wrong?! ) We were just going to validate the visas once we moved over in April. We have looked around the house we are buying last November and decided then we would buy it if it was still available (its brand new) when we were ready to move. It is in the area we want to be in, at least to start with, and walking distance from the company who have offered chris a job. We want to buy it now so we can move straight in when we get to Australia. We realise it will take months (years?) before we know if we have settled in the right area but would rather be investing in a mortgage while we work that one out than throwing money away renting. We are not adverse to selling and buying houses we've done it once every 4 times in the last 5 years!!

We just need to know if we can agree a mortgage with an Australian lender now - based on our income in the UK. This would mean a smaller mortgage (say 55% instead of 60%) and thus a bigger "contingency fund" in case I don't get a job straight away.

:scared:
[/QUOTE]

Hi Bubby,

You can get the $7000 first homebuyers grant; I did, no problems at all. I don't know about getting stamp duty back though, that wasn't something I heard about.

I went through a broker, as I said before, who arranged the mortgage for me, agreed in principle before I arrived, then it went through pretty easily based on my earnings in the UK and the capital I had from my house sale.

I didn't actually buy until after I'd arrived though so I don't know if you'd have to go through the FIRB.

PM me if you want to chat further.

Elaine M
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